Opinion: The Pluck of the Irish

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... welcome back to Opinion Journal why Mary Kissel ... Ireland Dell DELL private bank creditors and took in EU bailout ... to stave off its debt crisis was that the right course ... in what lessons can be learned from Ireland's experience were very lucky to have former Irish Prime Mr. ... Steinberg on set with us today New York welcome ... we'll be EU ever read copper ... if we keep bailing out not not we the EU in ECB keep bailing out ... of banks and private creditors way ... the ECB the European Union and the IMF only step into been out of country if it's already won a bid to borrow partially ... because it's a very high interest rates ... so I think one should Maury approach ... countries wanted to repeat the experience because the interest rates they would be paying privately are so severe ... and complex task to make to get these ... are all so severe so severe ... that an awkward to accompany the reminded daily creditors any ... moral hazard that is extremely most of the great thing for it in with them and it's a moot point upgrade risk was that ... that would of been wrong to banks not just in in in Boston although Conte Sunoco is an intention to write about it that thank you speak ... if the new connector thought had been stopped in identical to spread more widely ... you could have had a Europe wide financial collapse so you don't let the private creditors to cut the ... wedding to ... move to a point where we can afford to make them take the pain I think the banking system and become so concentrate just ... on the leverage it becomes so great that the situation was so fragile that something like this have to be gone when most get to a situation where that was enough to be going to check your one of the architects of the stability in the growth packages establish the parameters for the euro which allows countries like Greece and Portugal and Spain to borrow off the credit of Germany Europe were friends ... looking back down so many years later ... I was I was was a fantasy to believe that European countries can ... keep Fiscal ... diet and keep their fiscal house in order when we try to create a single mommy without creating a single banking system I'm really ... hit ... given that ninety five percent of all the money this news is actually back read on the five percent is cash ... to have a single into a single banking system is was a mistake when no pushing the drug Schwimmer pushing introducing a single ... system supervision for banks for resolving banks for deposits guarantee ... the Newark which McCormick effective anti ... and that I think will make ... all style ballroom last ... banking system which truth be I think probably stronger than them ... being banking systems because the need to guarantee on a much ... but the problem isn't just the bank says its the federal government's in these countries sending me on there it's indeed ... on and off course Avici when you have a recession you would tend to have more spending beyond your means because the more unemployment checks having to be paid in things like that ... so in the case of Europe yes ... the dissidents were not severe enough we your Aegis of an ad was ... that ... if you were spending too much ... you have a fine imposed upon you put them on the force fine came to be imposed on Germany and France ... to bolster the ... Reno put in place much more effective control Square there would be much an Ernie warning system at parity intervention ... and also the Muppets are caught one too much leverage it into the markets are already punishing countries ... if he or she is going to target for not lending the money when the match ... was over and interest rate is going to mop it is doing the job less than thirty seconds left you put in supplies islands corporate tax rate on a half percent ... why am in other countries learn from the boom that ... tax a tax cut created ... what they are learning infection his performance reviews reviews corporate taxation here in United States and the economy ... yes and ... yes under the tapping of assumptions about ... the Irish mother was more because the credit ... and because Michigan The right for all the parties of commissions ... Matheson taxation would not change because there's compete compete initiative consensus on an indictment ... but that's the way to attract foreign investment while talking have certain extent a lot of